TopPicks from Andrew Moffs, senior vice president and portfolio manager, Vision Capital
Andrew Moffs, senior vice president & portfolio manager at Vision Capital, discusses his top picks: Tricon Residential, First Capital REIT, and Summit Industrial Income REIT.Tricon Residential Inc. is a rapidly growing single-family rental operator owning over 33,000 homes located primarily in the U.S. sunbelt. Tricon also operates two other smaller and peripheral business lines comprised of multi-family rentals and residential development.
Despite the defensive and currently strong growth that Tricon’s SFR business generates, the company’s shares are attractively valued as they trade at a mid-30 per cent discount to private market values and an implied cap rate that is approximately 150 basis points greater than its peers.First Capital REIT is a pure-play grocery-anchored shopping center REIT focused on Canada’s strongest demographic markets.
The REIT’s second quarter results demonstrated this portfolio resilience with same-property net operating income growth of 3.8 per cent on a year-over-year basis driven by higher rents, and a strong portfolio occupancy rate of 95.6 per cent. Furthermore, rent spreads on renewal leasing increased to 11 per cent, above First Capital’s longer-term and year-to-date pace of nine per cent.
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